"I am concerned that over the next four years, as this minimum wage hike rolls out, that it is not something that's sustainable and that price increases may have to be greater than 5 percent," said Brice, adding that he has budgeted a 5 percent increase on sales, but a 9 percent increase in labor costs for this year.

"That's not a pretty picture. It's not good math," said Brice.

The minimum wage in Colorado, now $8.31, is set to be gradually increased to $12 an hour in 2020

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